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IBC Signs Memorandum of Understanding with Ceramic Tubular Products to Advance Nuclear Fuel Technologies
VANCOUVER, BC – October 27, 2011 – IBC Advanced Alloys Corp. (TSX-V: IB; OTCQX: IAALF) (“IBC” or the “Company”) and Ceramic Tubular Products, LLC (“CTP”) signed a memorandum of understanding to jointly advance and develop their respective nuclear fuel technologies to address operational and performance issues with light water reactor (“LWR”) fuel systems. IBC and CTP’s nuclear fuel technologies are very complementary and have the potential to deliver significant fuel performance improvements and operational safety benefits to the nuclear industry.
CTP, based in Rockville, MD and Lynchburg, VA, has been developing an advanced nuclear fuel ceramic cladding, known as silicon carbide triplex cladding, primarily for existing Light Water Reactors (LWRs). This advanced technology aims to improve the economics of the nuclear industry by increasing safety margins and overall fuel performance. CTP has been awarded multiple grants, including one from the US Department of Energy, to further research, identify and evaluate complementary fuel forms, such as IBC’s BeO enhanced fuel that could contribute by facilitating the cladding to achieve its full potential in commercial service.
“We look forward to working with IBC and their advanced nuclear fuel R&D program,” said Herb Feinroth, CEO of Ceramic Tubular Products. “Our respective technologies not only complement each other from a technological and commercial perspective, but are also very timely, given recent developments in the nuclear industry after the accident of the Fukushima LWR reactors in Japan. CTP’s longstanding relationships with the Department of Energy, industry regulators and other industry partners,” continued Feinroth, “reinforce our belief that a partnership with IBC offers great promise for our respective companies and the nuclear fuel industry.”
Pursuant to the MOU, IBC and CTP will collaborate to develop, test and potentially commercialize their combined respective technologies. IBC, with Purdue (“Purdue”) and Texas A&M (“Texas A&M”) universities, will assist in analyzing how IBC’s beryllium oxide (BeO) enhanced UO2 fuel supports CTP’s technology, and how it responds and performs in LWRs. IBC’s BeO nuclear fuels project is focused on developing a high thermal conductivity BeO nuclear fuel for current and future nuclear power reactors that is more efficient and safer than existing nuclear fuels, which is complementary to CTP’s cladding technology.
“IBC is excited to develop and collaborate with CTP on alternative nuclear fuel technologies that directly address economic performance and industry safety,” said Anthony Dutton, President and CEO of IBC Advanced Alloys. “IBC’s objective is to commercialize its BeO enhanced fuel and to position itself as an essential part of the nuclear industry’s supply chain. Our work with CTP will provide both parties with an opportunity to contribute to improved margins and cost efficiencies for the nuclear industry.”
About IBC Advanced Alloys Corp.
IBC is an integrated manufacturer and distributor of rare metals (beryllium) based alloys and related products serving a variety of industries including nuclear energy, automotive, telecommunications and a range of industrial applications. IBC has 80 employees and is headquartered in Vancouver, Canada with production facilities in Indiana, Massachusetts, Pennsylvania and Missouri. Additionally, IBC owns prospective beryllium properties in the Western US covering approximately 9,500 hectares. IBC is creating a dynamic global beryllium and advanced alloys company. IBC’s common shares are traded on the TSX Venture Exchange under the symbol “IB” and on the OTCQX under the symbol “IAALF”.
IBC Advanced Alloys Corp.
Ian Tootill, Director of Corporate Communications
(604) 685-6263 ext 110
This news release was prepared by management of IBC, which takes full responsibility for its contents. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This disclosure contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control including: the impact of general economic conditions in the areas in which the Company operates, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with manufacturing activities therefore the Company's future results, performance or achievements could differ materially from those expressed in these forward-looking statements. All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances.